March 15 Is Tax Deadline For S-Corp And Partnership Extensions And Elections.
March 15, 2017, is the deadline for filing 2016 S-Corp and partnership tax returns, or extensions, 2017 S-Corp elections, and 2017 Section 475 elections. Don’t miss any of these tax filings or elections; it could cost you.
- 2016 S-Corp and partnership tax extensions
- Extensions are easy to prepare and e-file for S-Corps and partnerships since they pass through income to the owner, usually an individual. Pass-through entities are tax-filers, but not taxpayers. 2016 individual and calendar-year C-Corp tax returns or extensions with taxes owed are due April 18, 2017.
- Some states have S-Corp franchise taxes, excise taxes, or minimum taxes, and payments are usually due with the extensions by March 15. (See A Few States Tax S-Corps: Traders Can Reduce It.) LLCs filing as a partnership may have minimum taxes or annual reports due with the extension by March 15.
- The IRS changed the due date for partnerships: 2016 partnership tax returns or extensions are due March 15, 2017, the same due date as S-Corps. Last year, partnership tax returns were due April 18, 2016, the same due date as individuals. 2017 S-Corp and partnership extensions give six additional months to e-file a tax return, by Sep. 15, 2017.
- The IRS late filing penalty regime for S-Corps and partnerships is similar. The IRS assesses $195 per owner, per month, for a maximum of 12 months. Taxpayers may request penalty abatement based on reasonable cause. Ignoring the extension deadline is not reasonable cause. States assess penalties and interest, often based on payments due.
Original: Forbes.com